Business
Post 2022 AGM Shareholder Engagement
Post 2022 AGM Shareholder Engagement.
About this update from Coca-cola Hbc Ag
[{"type":"text","content":"\n \n \n \n Coca-Cola HBC AG\n \n \n \n \n Post 2022 AGM Shareholder Engagement - Update Statement\n \n \n \n \n \n \n \n \n \n Zug, Switzerland - 20 December 2022\n \n - In accordance with Provision 4 of the UK Corporate Governance Code, Coca-Cola HBC AG (\"Coca-Cola HBC\" or the \"Company\") is providing an update to the statement made on 21 June 2022 in relation to the voting outcomes of Resolution 7 and Resolution 9 at its Annual General Meeting (\"AGM\") which were advisory votes to approve the Company's UK Remuneration Report and Swiss Remuneration Report respectively, as well as Resolution 4.3 in relation to the re-election of Charlotte J. Boyle, Chair of the Remuneration Committee (the \"Resolutions\").\n \n \n \n \n \n The Board of Directors understands the sensitivities around the issue of executive renumeration and it had consulted with its largest shareholders in the months prior to the AGM.\n \n \n \n \n \n At the AGM, shareholders representing approximately 67% of the votes cast voted in favour of Resolution 7 and 9 and shareholders representing approximately 78% of the votes cast voted in favour of Resolution 4.3. Following the AGM, the Company and the Chair of the Remuneration Committee has continued its engagement with shareholders and their proxy advisors on remuneration issues, in particular to understand the reasons why certain shareholders were unable to support these Resolutions.\n \n \n \n \n \n The Company is grateful to those shareholders that took the time to express their views and understands that shareholders' concerns were primarily connected to the adjustment of targets contained in the Company's incentive arrangements, in particular the original targets relating to the 2019 Performance Share Plan awards. The shareholder sentiment regarding the adjustments to the 2019 awards was also reflected in the voting outcome for the Chair of the Remuneration Committee. The Remuneration Committee sought to ensure that incentive arrangements continued to provide stretch in alignment with their original intent, and included downward adjustments, while adapting for the impact of COVID-19. The wider workforce experience was taken into account prior to taking any decisions on executive remuneration. Salary increases were given across the group at all levels and bonus pay outs were abo...